NEW YORK, May 1, 2014 /PRNewswire/ -- Genpact Ltd. (NYSE: G), a global leader in transforming and running business processes and operations, today unveiled the results of its research study on the state of financial planning and analysis (FP&A) in leading global companies. The findings revealed a rapidly growing desire and need to focus on advanced technology and, more generally, advanced operating models, as large organizations focus on making the FP&A function a true business partner that supports CFOs in their strategic role. The results also suggest that leading global companies view FP&A as arguably the most strategic part of the finance function in these volatile times. "This data shows that the operating performance and operating models in FP&A across industries still present a substantial opportunity for companies to improve and transform the effectiveness of this function. Variations in process and data quality, as well as identifying the right metrics, are two main issues flagged by the respondents. Unsurprisingly more than 80 percent of executives believe there is ample opportunity to improve quality and timeliness of insights – a core component to being a successful business partner. FP&A organizations are responding to this strategic need of the CFO by creating Centers of Excellence that will leverage technology, focus on standardizing data across the organization and embrace centralization to reduce variation and drive consistency and innovation in services," said Shantanu Ghosh, SVP & Global Head – CFO Services, Consulting & Solutions, Genpact. Interestingly, a company's size and maturity of its FP&A processes both play a big factor in how aggressive it is in adopting centralized operating models like shared service centers or outsourcing. Only 26 percent of firms with annual revenue over $5 billion are still using in-location models compared with 42 percent of smaller companies. Similarly, only 22 percent of high-maturity firms are still using in-location organizational structures for planning and budgeting compared to 53 percent of low-maturity firms. The study also indicated key, industry-specific insights. While organizations are moving away from the in-location operating model and towards advanced shared target operating models, the shift has been significantly faster in banking, financial services and insurance (BFSI). In addition, BFSI firms are prioritizing consistent standards for process and data quality, with nearly three-quarters of organizations viewing variations in these standards as having a high impact on FP&A performance - more than 10 percent higher than pharmaceutical and manufacturing firms.